Fugitive diamond businessman Nirav Modi has received a major setback in the Punjab National Bank scam. A UK court has rejected Nirav Modi’s bail plea for the seventh time. Nirav Modi is accused in the case of loan fraud and money laundering of more than two billion dollars i.e. about 14 thousand crore rupees from Punjab National Bank in India and he is declared a fugitive. He challenged the extradition order in a British court. Nirav Modi is currently lodged in a jail in West London.
A CBI official said, “Repeatedly rejecting Nirav Modi’s bail application is a result of the excellent coordination between the Central Bureau of Investigation, the Ministry of External Affairs and the Crown Prosecution Service (CPS).”
During the hearing of Modi’s extradition request in Britain by the Indian government, he was accused of intimidating witnesses. Modi is accused of showing a fake consent of Bharti Bank and took a loan from banks and misappropriated that money.
Earlier this month, a UK court extended the extradition hearing to 3 November. Last month, Modi’s legal counsel told a London court that a fair trial in India was not possible due to the politicization of the case. He can face high risk of suicide due to lack of adequate medical facilities in Indian jails.
